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Personal Accounting Services

Personal Tax Accounting and Bookkeeping Services

Tired of juggling your complex finances? Let us help! Get expert individual accounting services in Sydney that are built around one thing: you.
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Maximise Returns Through Individual Tax Accounting

Tired of the guesswork and scrambling to file your taxes last minute?

Personal tax accounting services from Impact Taxation & Financial Services are designed to help you make the most of every opportunity available to you while staying compliant with ATO requirements. We don’t just fill out forms, we:

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  • Review your income streams
  • Identify all eligible deductions
  • Apply relevant tax offsets
  • Assess capital gains
  • Apply exemptions or timing strategies
  • Report income from property
  • Manage foreign income reporting
  • Review and advise on superannuation contributions
  • Check Division 293 tax liabilities (if applicable)
  • Review private health insurance, HELP/HECS repayments, and medicare levy obligations
  • Identify prepayment opportunities before 30 June to reduce taxable income
  • Provide estimated refund or payable amounts
  • Plan for any liabilities
  • Stay up-to-date on the legislative updates that may impact your entitlements

Stay Organised with Ongoing Personal Bookkeeping

Can’t make enough time to track your finances and keep them in order? That’s where we come in!

Our personal bookkeeping service gives you clarity around your income, expenses, and financial obligations. We manage everything with discretion and extreme attention to detail. This service is for those who:

  • Own investment properties
  • Receive rental income
  • Trade shares
  • Have capital gains reporting requirements
  • Run a side business
  • Operate a sole-trader business
  • Want to stay on top of budgeting, cash flow, and forecasting


We track and categorise your finances throughout the year for you. Personal bookkeeping can help you simplify tax time, maintain financial health, and track your finances so you can deal with unexpected changes.

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Accounting Solutions for Every Life Stage

No two financial lives are the same. We tailor individual accounting services to your life stage, structure, and financial goals.

Young Professionals & New Graduates
Just starting your career? We help you prepare for tax time, manage HECS/HELP implications, track deductions, and set up a smart financial system early.
Families & Professionals
Manage dual incomes and plan for investments with ease. We’ll help you structure your finances for clarity, control, and better long-term financial outcomes.
Sole Traders & Side Hustlers
Freelancing or running a business from home? Our personal accounting services correctly report your income, expenses, and deductions.
Pre-retirees & Retirees
We support clients transitioning from accumulation to retirement, with a focus on drawing income tax effectively, and ensuring investment structures are fit for purpose.

Why Do Locals Trust Our Personal Tax Accounting Services?

We support professionals, business owners, and individuals as they grow their wealth. Our clients come to us for accuracy and clarity, but stay for the peace of mind. Impact Taxation & Financial Services has built a reputation for being thorough, reliable, and easy to work with
Backed by Years of Experience
Our insights and recommendations are grounded in decades of experience and deep technical knowledge. We make practical plans that fit your goals.
Personalised Service
We take time to understand your unique circumstances on top of building long-term relationships based on trust, clarity, and consistent support.
All-year Round Availability
We don’t disappear after 30 June. Our team is available throughout the year to answer questions, adjust strategies, or help you make key financial decisions.
100% Discretion and Professionalism
You are looked after by a team that values your privacy and takes your financial concerns seriously. We handle everything with care and attention to detail.

Frequently Asked Questions About Personal Tax Accounting

Online tax platforms usually rely on automation and generic templates. Personal tax accounting from Impact Taxation & Financial Services provides tailored advice that identifies deductions and offsets. Our team also creates timing strategies specific to your financial situation. We review your financial situation in detail, something that automated platforms can’t do — no more risking ATO issues.

Yes! Bookkeeping isn’t just for business owners. Individuals who have multiple income sources or manage investment income benefit from personal bookkeeping. Many of our clients find it helpful for record-keeping, budgeting, and making sound financial decisions.

You will need your income statements, bank interest, dividend statements, rental income reports, receipts for deductible expenses, records of asset sales, private health insurance details, and super contributions. Our team will guide you through exactly what you need based on your situation.
Yes! We can help you gather the required documents and work to get you up to date as smoothly as possible. No judgment, just clear advice and professional support that gets you back on a compliant track.

You can book a call with us or send us an enquiry through email. There are flexible options that make it easy to access our personal tax accounting and personal bookkeeping services from anywhere.

Speak With Our Professional Team for Personal Tax Accounting Help

Take the stress out of personal accounting and bookkeeping. If you’re looking for clarity, help with individual tax returns, and control over your finances without the confusing jargon, contact us and meet the team to avail of individual accounting services today.

Book a call

About

Impact Taxation and Financial Services Pty. Ltd. is a CPA Practice based in the Bankstown area. We are committed to customizing our services to meet your financial needs and help you achieve your visions and goals.

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    10 things you should consider before buying a property

    Are you considering buying a property? Do you know you could miss opportunities to save thousands, or tens of thousands of dollars if you don’t plan well before the purchase?

    Below are a few key considerations:

    1. How should you set up your loan structure? If you don’t have a loan offset account for a rental property, after you make extra payments directly to the loan account, you can only claim interest deduction on the remaining balance of the loan. For tax purposes, this deductible balance can’t be changed even if you redraw the overpaid amount later. A good loan structure could also help you to stabilize interest rate and speed up loan repayment by combining a standard variable loan (with an offset account) and a fix rates account.

    2. Timing of renovation. You might want to do a renovation right after you have bought the rental property. But do you know for any genuine repair & maintenance included in the renovation, you can claim an outright deduction against the rental income when the property is available for rental? If the work is done before the date when the property is available for rental, you can only claim the deduction against future capital gain when the property is sold. Depend on when you are going to sell, it could take years or up to decades before you can claim the deduction.

    3. How should you split ownership? You might want to share the property ownership with a family member. For tax purposes, the percentage of ownership is based on the legal title, regardless of who is paying more on the mortgage. If the property will give you a tax profit, you might want to allocate more
    ownership to the low-income earner to utilize the lower marginal tax rate. If it is giving you a tax loss, you might want to allocate more ownership to the high-income earner to utilize the loss. The goal is for the family to pay minimum tax together.

    4. Should you use a family trust to purchase the property? There are many pros and cons related to a family trust. The advantages include tax savings on rental profit or capital gain, asset protection and succession planning on family wealth. However, family trust can’t distribute losses. All losses are trapped in the trust to be used to offset future trust profit. Therefore, you can’t utilize any rental loss in a trust to offset other income such as salary & wages. Family trusts also attract high accounting fees on initial setup and annual fees on financial statements and tax returns. State governments also charge much higher land tax on family trusts.

    5. Will the income level change in future years for different owners? You might want to forecast the possible income for different owners to understand total tax payment / savings related to the property. This could also impact on your decision making on point 3 and 4 above.

    6. Understand when you can treat your property as main residence to receive an exemption on capital gains tax. When eligible, even if you have received rental income, you could still treat your rental property as main residence and receive the exemption. To be eligible, you will need to treat it as your main residence at the beginning. Please check out this ATO link: Treating former home as main residence.

    7. Decide whether you need to purchase a depreciation report. Most taxpayers don’t know that the depreciation on the building will need to be added back to calculate capital gains tax when the property is sold. When the property is held for more than 12 months, after applying the capital gains tax discount of 50%, it will effectively cut the tax rate by half at the time of sales. This makes depreciation deductions desirable for high income earners. However, for low-income earners it might not be ideal to claim depreciation as a rental deduction since they could be paying more on capital gains tax in the future. It could get more complicated if the property is under joint ownership between high and low income earners.

    8. You might want to consider Centrelink payments for future or existing owners. Most Centrelink payments are income and asset tested. Before attaching a rental property to a family member who is receiving, or plan to receive government benefits, you might want to check the testing thresholds first to see if the Centrelink payment will be impacted. This is also applicable when you are making distributions from a family trust to different family members.

    9. Have you considered using your SMSF (selfmanaged super fund) to make the purchase of a rental property? There are a lot of tax saving opportunities with a SMSF since the income tax rate is only 15%. And the capital gains tax rate is effectively only 10% after factoring in the 1/3 discount. The major downside with a SMSF is normally you can’t get the money out until you retire or on compassionate grounds (SMSF does have more flexibilities compared to normal retail super fund. But the choices are still very limited). It could be expensive to set up and operate a SMSF too. There are also strict legal requirements on the trustees. Penalties on incompliance could be severe. Tax law around SMSF is very complicated too. You will need to find a good tax accountant specialized in SMSF to help you to understand the structure, also do a cost-benefit analysis before setting it up.

    10. Consider internal ownership changes. For your existing rental properties, you can also consider whether you should transfer the ownership between family members, or between different business structures (this is not applicable for SMSF). You might want to do this when the income level changes with family members, or rental property changes between tax profit and loss. Before the change, you need to consider the cost of transfer including capital gains tax, stamp duty, conveyancer fees, etc. Again, a cost-benefit analysis is a must before the change.

    Last but not the least, did you combine all the above strategies and compare your choices? If you haven’t yet, how would you know that you have picked the best strategy to minimize your taxes? We can help you to factor in all considerations, compare different scenarios, also present you with a Property Prepurchase Report with all our findings to help you to make a decision. Contact us today to book in a consultation with an experienced tax accountant!

    IMPORTANT INFORMATION
    This is general advice only and does not consider your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from your financial adviser and seek tax advice from your accountant.

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